SINGAPORE (Dec 8): Property group Low Keng Huat reported 3Q18 earnings slightly more than doubled to $6.6 million from $3.0 million a year ago.
Revenue for the three months to Oct rose 9% to $13.5 million from $12.4 million but cost of sales halved to $3.5 million.
The group’s construction division recorded zero sales compared to $0.4 million a year ago.
This was because since 1Q18, the construction segment has been subsumed under the investment segment, providing construction service for internal development and investment projects.
The Development, Investment and Hotel divisions reported revenue of $2.9 million, $4.4 million and $6.2 million respectively.
In its outlook, Low Keng Huat says Singapore’s residential property market has turned around as prices of residential properties rose quarter-to-quarter by 0.7% in Sept after 15 consecutive quarters of decline.
Recent en bloc transactions have also led to increased property activity and high bidding prices
The group says it will therefore continue to be selective in land bidding and investment projects.
Shares in the counter last traded at 68 cents.
